How can I nominate a beneficiary for my super?
If you die while a member of a super fund, the value of your accumulated benefit (and any life insurance) will usually be paid to the person you choose as your beneficiary, like your spouse or child.
There are usually three ways to nominate a beneficiary:
- A binding nomination – if you die, your money must be given to the person you choose (if valid), but you must have re-nominated your beneficiary every three years.
- A binding non-lapsing nomination – the same as a binding nomination except you don't need to re-nominate someone every three years.
- A non-binding nomination – the super fund's trustee will have discretion as to whom your benefit should be paid.
For more information or to nominate a beneficiary, please contact us.